Quote from Batterup:
Here is a better idea: Trade 500 of the stocks ALL AT ONCE. Right, the futures SP500 INDEX, ES for the electronic version. Seriously, as others suggest, this is the way to travel if so inclined.
Myself, if i were not just trading the ES and ONLY the ES, i would trade stocks as swing trades or position trades. For day trading you need to focus, focus, focus on one maybe two instruments at a time especially as a beginner.
Try the futures, the ES is a great instrument to learn from, once you get that baby down pat.....the rest is gravy. With experience and intuition you might find other items to trade .........BUT, i am willing to say you will find even ONE daytrading item is plenty.
Good Luck, stick to it and be patient. Think of daytrading as either having a super girlfriend or a super wife, one is not only all you are allowed BUT, one is all any good man can handle at once...............
I've just arrived at this conclusion this weekend. I'm a novice, and yet I've been trying to track 500+ stocks for quick moves out of there ranges.... I've had some really good success, ... but typically play it terribly because I loss focus trying to track so many.
I've spent this weekend charting DJX extensively, I plan to work this exclusively, I'll move on only when I can profit consistently with this. I'm considering purchasing long puts/calls solely. My entry/exit points are pretty sound ...